8/14/2000

 Planet Payment Launches Asia Pacific Headquarters in Singapore

Announces Aggressive Plans for Asia and Pacific Rim

SINGAPORE/NEW YORK, NY - August 14, 2000 - Planet Payment, the leading provider of real-time, multicurrency payment solutions to merchants worldwide has announced the opening of its Asia Pacific headquarters in Singapore. According to CEO Philip Beck, "We knew from the moment we launched Planet Payment that we would soon have to open an office to support our clients in Asia and the Pacific Rim. The demand for payment solutions in these markets is tremendous, but there are few viable solutions today aside from Planet Payment."

Co-founder Dr. Mitch Leventhal heads planet Payment Asia Pacific. An expert in international trade and emerging markets, Leventhal noted "Asia represents more than half of the world's population. Within three years, nearly 100 million Internet users - over one quarter of the world's total - will be from Asia, and it is not hard to imagine Asia becoming the dominant consumer market within the next two decades. As an Internet payment solutions company, it would be incredibly shortsighted to ignore the Asia Pacific market."

Founded in 1998, Planet Payment began processing Internet credit card payments for merchant clients in October 1999. After only ten months of operations, the company processes transactions for businesses in thirty-two countries, including China, Hong Kong, India, Japan, Philippines, Singapore, Sri Lanka, Taiwan, Vietnam, Australia and New Zealand.

"We welcome international and regional Internet payment solutions providers, such as Planet Payment, which offers e-commerce services and applications in Singapore. These international companies provide additional multi-currency and multi-lingual Internet payment solutions for our local merchants, as well as merchants throughout the region. Such strategic moves will further help develop Singapore into a trusted and leading global hub in the new economy. The Infocomm Development Authority of Singapore (IDA) welcomes such foreign initiatives in Singapore," said Dr. Kaizad Heerjee, Assistant Chief Executive, Online Development, IDA.

Planet Payment has entered into several agreements with important resellers and partners to further expand distribution of the Planet Payment services into Asia. Among these are First Ecom (www.firstecom.com), a leading provider of multi-currency payment processing solutions to banks, which has entered into a co-marketing arrangement with Planet Payment; Asiacoolnet.com (www.asiacoolnet.com), a Singapore startup which has developed a robust storebuilder application for merchants has partnered with Planet Payment and has integrated its technology to Planet Payment’s gateway; and, Speaketh.com (www.speaketh.com), a Singapore-based full service Internet publishing firm which specializes in launching e-commerce websites for small to medium size businesses has become a Planet Payment reseller.

Planet Payment plans an aggressive campaign throughout the region for the latter part of 2000. Says Leventhal, "We are attending major Internet trade shows in Australia, India, Hong Kong and Japan from August through December. Our mission is to make Planet Payment a household word for any business anywhere which seriously plans to sell its wares online."

About Planet Payment

Planet Payment (www.planetpayment.com) is a global leader in providing multi-currency Internet payment solutions to merchants, technology companies and financial institutions worldwide. Planet Payment's affordable solution enables Internet merchants to securely accept Visa®, MasterCard®, American Express® and other major debit and credit cards in a secure, real time environment, 24 hours a day and in over 140 currencies - whether the buyer is using a personal computer, mobile telephone, or other wireless device. The Planet Payment Gateway, powered by Authorize.Net, (www.authorize.net) is compatible with over 100 of the leading shopping cart technologies. Planet Payment can be contacted in Asia at 90 Cecil Street, #16-04, Singapore 069531 (Tel. +65 227 7891) and in the U.S. at 950 Third Avenue, New York, NY 10022 (Tel: 212/980-5100). Email correspondence should be sent to asiapress@planetpayment.com.

Contact:
Planet Payment Asia Pacific Pte Ltd.
Mitch Leventhal, Ph.D.
Managing Director
+65 227 7891
mitchlev@planetpayment.com